Two people have been arrested for allegedly duping a man of Rs 1 crore after striking a deal to exchange Rs 2,000 currency notes with Rs 500 notes, the police said on Tuesday. Hasan Qureshi and Obedur Rehman Qureshi, the arrested men, had allegedly cheated some other people too by using the same modus operandi, said an officer.

As per the complainant, one of the accused approached him last Thursday with an offer of ten per cent commission if he managed to exchange Rs 1 crore in Rs 2,000 notes with Rs 500 notes. The Reserve Bank of India recently withdrew Rs 2,000 notes.